Business Directories

Qatar Islamic plans $1.5bn sukuk

Doha, August 29, 2012

Qatar Islamic Bank (QIB) is planning a sukuk issuance programme of up to $1.5 billion, a company statement said on Wednesday. The bank will seek shareholder approval of the plan in a meeting on September 16.

"A consent from the quorum at the General Assembly will allow QIB to further process necessary approvals from the relevant authorities in Qatar with regards to potential Sukuk issuances under the Programme in the future," the emailed statement said.

The lender last tapped global debt markets with a $750 million sukuk in 2010, which carried a profit rate of 3.856 per cent; the sukuk was yielding about 2.35 per cent on Wednesday, according to Thomson Reuters data. – Reuters